September 30, 2019 / 2:18 PM / 22 days ago

Steinhoff Investments says 2017, 2018 results to be delayed further

JOHANNESBURG, Sept 30 (Reuters) - Steinhoff Investment Holdings, a subsidiary of the crisis-hit South African retailer Steinhoff International, said on Monday its annual results would be delayed again.

Steinhoff, which has reported billions of dollars in losses following an accounting fraud worth an estimated $7 billion, delayed the publication of its 2017 and 2018 results after flagging holes in its accounts in December 2017.

While the retailer has since published both, Steinhoff Investments has not. It said in June that it would publish them before the end of September 2019.

“Unfortunately, it is clear that the timeline for publication of the annual financial statements for Steinhoff Investments disclosed in the June Announcement cannot be met,” the subsidiary said in a statement on Monday, adding that there remained a substantial amount of complex work to be done.

The unit, which is an issuer of preference shares listed on the Johannesburg Stock Exchange, said it would provide new publication dates in due course.

Steinhoff’s Johannesburg-listed were up 1% at 1411 GMT.

Reporting by Emma Rumney; editing by David Evans

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